- The token has shown bullish actions in the previous sessions.
- GMX token continues to trade in an strong uptrend
The GMX token is in an uptrend, with bulls pushing the price higher, forming upper highs and upper lows. GMX is a perpetual contract trading platform for key cryptocurrencies that is launched in September 2021. Unlike decentralized spot exchanges, you may trade perpetuals on GMX. You do not purchase or sell any tokens. You can instead deposit collateral and take both long and short trades.
GMX token on the 4 hour chart
The token has broken through the resistance level of $59.78, forming a strong bullish candle with high volume. According to the 4 hour chart, GMX token is currently trading at $69.18, up 3.28% in the last 24 hours. The token has crossed and sustained above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is expected to continue its bullish momentum and reach new highs in the coming days.
Relative Strength Index: The asset’s RSI curve is currently trading at 71.08, indicating that it is in the overbought zone. The recent increase in the price of the token has increased the value of the RSI curve. The RSI curve has crossed over the 14 SMA, indicating that the token is bullish. If the bulls continue their bullish momentum, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
The token has formed strong bullish candles with a huge body on the 4 hour chart and bulls are taking command of the trend. Investors who want to buy now can do so as the token is trading in an uptrend. Whereas, intraday traders also have a good opportunity to go long and book profits as per their risk to reward ratio.
According to our current GMX price forecast, the value of GMX is expected to fall by -3.75% and hit $ 65.71 in the next few days. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 60. (Greed). Over the previous 30 days, GMX had 17/30 (57%) green days and 11.69% price volatility. According to our GMX forecast, now is a good time to buy GMX.
Technical Levels
Major support: $62.57
Major resistance: $70
Conclusion
The bulls have taken control of the trend and are driving the token’s price higher. Investors who want to buy now can do so as the token is on an uptrend and keep a stop loss in place by managing their risk to reward ratio.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/03/gmx-price-analysis-bulls-are-in-action-can-bears-come-to-stop-the-party/